Where will banks make up lost overdraft fees?

FILE - In this Jan. 16, 2009 file photo, a customer uses a Bank of America ATM in Los Angeles. Starting Oct. 19, 2009, Bank of America customers will no longer be charged overdraft fees when a customer's account is overdrawn by less than $10 a day. A $35 fee will still be levied if the account isn't brought into balance within five days. (AP Photo/Damian Dovarganes, file)
— AP

FILE - In this Jan. 16, 2009 file photo, a customer uses a Bank of America ATM in Los Angeles. Starting Oct. 19, 2009, Bank of America customers will no longer be charged overdraft fees when a customer's account is overdrawn by less than $10 a day. A $35 fee will still be levied if the account isn't brought into balance within five days. (AP Photo/Damian Dovarganes, file)
/ AP

The response from banks was swift. The opt-in choice was only one of the changes Bank of America, JPMorgan and Wells Fargo announced this week.

Starting Oct. 19, Bank of America customers will no longer be charged overdraft fees when a customer's account is overdrawn by less than $10 a day. A $35 fee will still be levied if the account isn't brought into balance within five days.

The bank also will limit to four the number of times an overdraft fee can be charged on an account per day. That's a reversal from just this year, when the company raised that cap from five to 10. It also raised the fee this year for the first overdraft in a 12-month period to $35 from $25 – an increase that still stands.

JPMorgan Chase says it won't charge fees when accounts are overdrawn by $5 or less. The maximum number of fees per day will be lowered to three from six.

On Wednesday, Wells Fargo & Co. also said it was changing its policy for Wells Fargo and Wachovia customers.

The San Francisco-based bank will not charge a fee if a customer overdraws an account by $5 or less, and will only charge that fee up to four times a day.

Customers will also be able to opt out of overdraft coverage.

PNC Financial also says it's lowering the fee for customers' first overdraft in a 12-month period to $25, from $31.

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AP Personal Finance Writer Eileen AJ Connelly in New York and AP Business Writer Daniel Wagner in Washington, D.C. contributed to this report.